— Tue, 30th September 2008 —

This week’s Observer looks at the unofficial Hermès men’s store — which sits just across from the New York Stock Exchange — and how its health closely reflects that of the city’s luxury markets.

Our favorite quote from one Hermès shopper: “I saw some dude fondling his new tie the other day on Broadway … Except he had taken it out of a Century 21 bag! Sign of the times.”

Expect more sales — and a million more of these correlation / causation stories — as the markets continue to reel. A few weeks ago, a Bergdorf clerk told us it would take a catastrophic event to affect their prices — a situation looking more likely by the day.